In a call with investors on Tuesday, the CEO of TJX Companies - the retail giant behind TJ Maxx, Marshalls, and HomeGoods - said that while the company is closely monitoring the negative impact of tariffs, they could also create some opportunity for the company.

In this case, Herrman said that if tariffs are imposed on another $300 billion worth of Chinese goods and retailers are forced to raise prices to cover the costs, shoppers could flock to off-price stores for value.

"There's a lag, but there is a silver lining for us," he said.

TJX Companies reported strong first-quarter earnings for fiscal 2020 on Tuesday. Same-store sales were up 5% overall for the company, and they were up 6% for its TJ Maxx and Marshalls brands.

Meanwhile, JCPenney and Kohl's, which also reported earnings on Tuesday, saw same-store sales drop by 5.5% and 3.4%, respectively.

Discount stores such as TJ Maxx and Ross Stores are known as one of the few bright spots in retail. These stores have been benefiting from a disappearing middle class and a higher demand for budget options - two factors that have been hurting department stores.

TJ Maxx has also been able to avoid the effects of declining foot traffic to shopping malls as most of its stores are located in suburban strip malls rather than enclosed shopping malls.